Posts Tagged ‘mortgage financing’

Bad Credit Mortgages- Making The Dream Of Home-ownership Come True

Bad Credit Mortgages- Making The Dream Of Home-ownership Come True

Bad Credit mortgages makes the
American dream of home ownership
a possibility even for people
with less than perfect credit
scores.  

Sub-prime loans (also called
second chance lending) are
usually granted to people
with credit scores of less
than 680.

Sub-prime loans are generally required by people who have missed
more than two payments in the last 12 months; have a judgment,
foreclosure, or eviction against them; declared bankruptcy in the
last 5 years; or have a generally defined high risk of default.

Back in the 1930s, the 30 year fixed rate mortgage was introduced
as a financial instrument.  Since then, the rate of home ownership
has doubled and two-thirds of Americans own their own homes today.  

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Shopping for your home?

Shopping for a home?

Find out the important in’s and out’s of shopping for home with this very informative video produced by HUD. It details important information that will help you when shopping for a home.


You will learn these  important points:

1. Home counseling: why it may help you
2. Expenses: determining how much house you can afford
3. Credit reports & credit score: why you should check it in advance
4. Real Estate agents:  types of agencies
5. Purchase contract: what it contains and why it is important
6. Earnest money deposits: what are they for and how you could lose it

and much, much more.

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Mortgage Refinance With No Closing Costs?

How do they do a mortgage refinance with no closing costs?

Every time you do a mortgage loan there are costs associated with it. There is an appraisal to determine value, title work to make sure there are no defects in the chain of title, government fees to register the paperwork, notary fees, underwriting fees to underwrite the loan. All of these people that do work on your loan need to be paid.

So how is it that some mortgage companies advertise no closing cost mortgages? Since there are costs of doing the mortgage how do they get paid?

The way the mortgage market is set up similar to any other retail operation with the mortgage being the commodity.

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